Toyota has agreed to invest $1 billion into Southeast Asia ride-hailing firm Grab, giving the 6-year-old firm a $10 billion valuation. The $1 billion investment will strengthen collaboration between Toyota and Grab to advance Mobility as a Service (MaaS) in Southeast Asia. In 2017, Toyota had began driving-data-based automotive insurance for Grab’s rental fleet in Singapore through local insurance companies. Toyota aims to offer financing, insurance and maintenance services to Grab’s drivers.

Founded in 2012 as MyTeksi, today Grab is one of the largest ride-hailing firm in Southeast Asia alongside Go-Jek. The company operates online-to-offline mobile platforms in transportation, food and package delivery, mobile payments and financial services in 217 cities in eight Southeast Asian countries. The Grab app has been downloaded into over 100 million mobile devices, giving passengers access to over 6.6 million drivers and agents. Grab delivers over 6 million rides per day in Southeast Asia, with a population of more than 640 million people, representing 8.6% (7.4 billion) of global population.

In March 2018, Grab had acquired Uber Technologies Inc.’s Southeast Asian assets (Uber became a shareholder of Grab with 27.5% stake). Other investors in Grab includes Softbank, Honda, Hyundai Motor and Chinese ride-hailing firm Didi Chuxing.

Grab was founded in 2012 by Harvard graduates Anthony Tan (36) and Tan Hooi Ling (34). In early 2018, Anthony Tan appeared on the “Top 50 richest Forbes list” for the first time with an estimated net worth of $300 million. His mother was one of the first angel investors in Grab and his father, Tan Heng Chew and one of Malaysia’s richest man, is the Board President of Tan Chong Motor Holdings. Tan Chong Motor Holdings is a conglomerate and operates Nissan and Renault dealerships.